Securities Times reporter Cheng Dan
Reorganization of the shackles, insider trading exposure, Yuanwang Valley 002161, the actual controller of the stock bar Xu Yusuo can be described as "losing the wife and folding soldiers", in order to reduce the guilt, Xu Yusuo is recalcitrant, all kinds of refusal, behind the twists and turns of the case investigation, is objective evidence to let " Xu Yusuo was finally fined 21 million yuan and was banned by the market.
The SFC inspectors and Xu Yusuo's wits and wits are comparable to commercial blockbusters, investigations, and anti-investigations; investigations, obstructing investigations; finding guilty responsibilities, finding people to pack, and this is a dramatic one.
Real control insider trading profit
This insider trading originated from an overseas investment. On August 28, 2014, Xu Yusuo, Yuanwanggu Secretary and Investment Manager made initial contact with shareholders of Bibliotheca Group GmbH to discuss the valuation and investment structure of Bibliotheca Group GmbH. On September 11, 2014, the two parties signed a confidentiality agreement. On October 23, 2014, the two sides held talks again. Yuanwang Valley proposed preliminary acquisition intentions, including valuation methods and investment structure, and initially determined the purchase price of 100 million euros. After several rounds of consultations, in March 2015. On the 26th, Yuanwang Valley issued a notice to plan major events, and the company's shares were suspended from the same day.
However, the reorganization took place shortly after two months. On May 14, 2015, Yuanwang Valley issued a notice stating that the timing of related matters involved in this restructuring has not yet fully matured, so the major asset restructuring was terminated and the company's shares resumed trading from the same day.
In the process, Xu Yusuo, the actual controller of Yuanwang Valley, is the main decision maker and promoter of this major asset reorganization. He is involved in the acquisition and is inside information insider. It knows the inside information no later than September 2014. 11th. Despite the loss of overseas “gold rushâ€, Xu Yusuo profited from insider trading in the process. Xu Yusuo controlled the use of "Liao Mosong" account to buy 250,000 shares of "Yuanwang Valley" before the inside information was released, and gained more than 5.4 million yuan.
The investigation by the investigation personnel of the China Securities Regulatory Commission found that Xu Yusuo began to control the use of his distant relatives, Liao Mosong’s securities account, to frequently trade “Yuanwanggu†stocks in short-term trading and insider trading, and the nature of illegal acts was bad. .
A special background is that Xu Yusuo fled from October 24, 2012 to November 27, 2014 on suspicion of bribery. On November 28, 2014, Xu Yusuo surrendered to the country and Xu Yusuo was in contact with Bibliotheca Group GmbH during the escape period and began to promote the acquisition. At the beginning of the investigation of this case, Xu Yusuo’s judicial procedure for the bribery of the above-mentioned units has not yet ended. The old things have not happened, and new things have come again, which has a great impact on Xu Yusuo. Therefore, Xu Yusuo is recalcitrant and refuses to admit the illegal facts.
In order to punish and punish
Xu Yusuo made three moves "killer", but they were all effectively attacked by the inspectors.
The first is to conceal the order computer to hinder the investigation. The investigation team found that the transactions in the Liao Mosong securities account suspected of insider trading were placed in the Yuanwang Valley company using the office computer. The investigation team immediately went to the company to find the computer, but the investigators The computer was not found in Yuanwanggu, and the computer in Xu Yusuo’s office was removed.
Second, the account control relationship is not determined. Xu Yusuo knew that insider information could not be refuted, so he took the form of denying the account control relationship to deal with the investigation. Xu Yusuo has a strong anti-investigation awareness. In this regard, the investigators proceeded from the objective evidence to analyze the control relationship of the account.
For example, when investigating the account of Liao Mosong, the investigation team extended the investigation of the existing Xu Moyang (the son of Xu Yusuo) account and found that there is a high degree of convergence between the two. The investigation team immediately talked about Xu Yusuo, Xu Yusuo explained that it promoted the far The situation of Wanggu’s reorganization was also acknowledged by the actual use of Xu’s account (Xu’s account has never been traded “Yuanwang Valleyâ€). After curing Xu Yusuo’s control of Xu’s account, the investigators began to ask about the account of Liao’s account. Xu Yusuo began to feel uneasy and said that he did not know Liao Mosong. The investigators immediately showed them Liao Mosong and Xu Mouyang. Evidence that the account transaction is highly convergent, Xu Yusuo suddenly paused, and after a long silence, he said that he could not remember it, and asked for another day to explain. In the end, based on the multi-faceted objective evidence on the basis of full argumentation and reasoning, the investigation team determined that the Liao Mosong account was actually controlled and used by Xu Yusuo, and the account control relationship was determined in the case of “zero confessionâ€.
The third is to rely on everything to find someone to "top package." At the beginning of the investigation, Xu Yusuo insisted that he did not know Liao Mosong, did not understand the situation of Liao Mosong's securities account, and Liao Mosong said that his account entrusted a friend from Singapore to help. As the investigators pointed out the relationship between Xu Yusuo and Liao Mosong's accounts one by one, Xu Yusuo and Liao Mosong also said that the two were distant relatives, Xu Yusuo transferred to Liao Mosong to lend money to Liao Mosong. With the deepening of the investigation, Xu Yusuo gradually realized that it was impossible to easily evade the accountability, so he arranged for Liao Mosong to acknowledge that the account was operated by Liao Mosong and attempted to abandon the car. The investigation team always insisted on attaching importance to objective evidence, and carefully observed the statements of the parties with obvious interests. Through careful analysis and argumentation of the objective evidence, it was finally determined that the account of Liao Mosong was actually controlled by Xu Yusuo, and finally the case was verified.
The SFC inspectors said that since the listing of Yuanwang Valley in 2007, Xu Yusuo has controlled the Liao Mosong account to trade "Yuanwang Valley" frequently. There are a large number of illegal activities in window trading and short-term trading, which have not been discovered for a long time. The amount of illegal insider trading was huge, and the nature of illegal acts was bad. The CSRC gave heavy punishment to Xu Yusuo according to the standard of “no penalty for threeâ€, accumulatively fined more than 21 million yuan, and adopted a securities market ban for Xu Yusuo for 5 years.
(Editor: Song Zheng HN002)
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